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As financial institutions continue to adapt their operations to evolving consumer demand stemming from the digital marketplace, it can be difficult to determine the functionality and features of a digital application tool, loan origination system and deposit account opening platform that can provide the most efficiencies and growth opportunities. With that in mind, here are three of the most important best practices every financial institution needs to consider when evaluating its technology:

Have you ever worn something that’s one-size-fits-all? I bet it either wasn’t very comfortable or didn’t quite look right – or both. It may have served a simplistic function, but that’s likely where the satisfaction ended. I recently came across a health article that claimed the same thing applies to health and nutrition. Fitness expert, "Biggest Loser" trainer and author Jen Widerstrom said it's important to create a diet and fitness plan based on your personality because one size does not fit all. Widerstrom related her relationship with clients to a teacher in the classroom, CNBC reported. While some students may be strong readers, others may be better in math. Knowing a student's strengths and weaknesses will help the teacher develop a successful lesson plan. Similar logic applies to lenders and the scorecards used for credit decisioning.

Ever feel like your institution isn’t fully utilizing its loan software solution? Don’t worry, you’re certainly not alone. Regardless of the scope of your direct or indirect lending footprint, institutions routinely turn to teams of business consulting experts to maximize efficiency and uncover new growth opportunities. Loan software configuration is never as simple as a plug-and-play situation you see with setting up a new television or stereo. Your system’s configuration is as much an evolving process as the landscape of the lending industry or the economy in general. To help you properly monitor your current solution or proceed with the configuration of a new platform, here are four very common mistakes to avoid when configuring your loan software solution for peak efficiency and optimal performance:

When it comes to digital lending, it’s not enough to just have a presence. As technology evolves, consumer demand shifts, and lending strategies expand competition within the industry grows seemingly exponentially with every new day. Technology plays a key role in staying competitive. Institutions not only need to have reliable loan origination systems in place, but also tools that provide necessary levels of automation and configurability to maximize efficiency and profits. Traditional loan origination platforms can’t do all this alone. To help illustrate this point, here are a few best practices to help ensure your online web application is providing the most ROI for your portfolio: